It was a day when two private sector banks — Axis Bank and Kotak Bank — tied up with two entities with a large customer base, thereby getting access to that customer base, to offer ‘nano loans’ and better online shopping experience.

Axis Bank and Suvidhaa Infoserve, a payments/remittance firm, launched ‘Nano Credit’ — pre-approved, instant and unsecured loans for the urban low-income customer segment.

Credit of up to ₹15,000 can be availed by all existing customers of Suvidhaa by simply walking into any of the 22,000 Suvidhaa outlets across India and following an instant check of their loan eligibility by the respective outlet agent.

The offering seeks to benefit the unbanked and digitally excluded urban low-income segment. With flexible repayment options and instant transaction processing capability, the product helps overcome one of the key challenges of this customer segment — the need for cash on a daily basis and related irregularities in cash flow.

Flipkart via M-store

To reduce transaction failures, ensure seamless shopping, besides faster check-out, Kotak Bank announced the availability of Flipkart’s mobile site in its mobile banking app store.

Customers can shop seamlessly and check-out faster with choice of relevant payment options, as billing and delivery details are already available with the bank. It also enables them to track cancellations and refunds in the same window besides reducing transaction failures.

However, customers need to register once on the app to start shopping to enjoy special periodical offers

No additional charges would be levied by the bank for shopping on Flipkart m-site via Kotak’s mobile banking app.

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